Why Would You Want To Sell When The Sky Is Falling?

November 20, 2008

Are you crazy? Are you so flush with money that you don’t mind giving away $20,000 or $30,000 of your equity? I almost said “hard-earned” equity – but for most of us who’ve bought in the last 10 years, we didn’t have to do much other than sit back and watch our home appreciate. But however we’ve earned the equity, it doesn’t seem on the surface to be a good idea to sell right now.

But what if I told you that by giving away $20,000 I’ll give you back $30,000? You’ve now netted $10,000. Sounds a bit better now, doesn’t it? You’re continuing to earn equity the “easy” way – even in this different market.

Let’s say that you own a house that a few years ago was valued at $200,000 – up 30% from when you bought in 1999. Unfortunately prices have dropped in your area so now your home is only worth $180,000 – down $20,000 from 3 years ago. Ouch! It’s no good wishing you’d sold then – that window of opportunity has already passed. But if you have a stable job in an industry that appears to be weathering the economic downturn fairly well, then you might want to consider taking advantage of lower prices on larger homes. If you’ve had to drop your price 10%, then larger, more expensive homes will have to drop their price also. A home that would have cost $300,000 two years ago may now be listed for $270,000.

Then add in the monthly savings of an incredibly low interest rate (I just spoke to a Mortgage rep and he told me as of December 30, 30 year mortgage rates are holding at between the high 4% and mid 5% range. Fifteen year rates are slightly lower at 4.75%.) So what does this mean to your bottom line? For many, the cost is only a couple of hundred dollars more a month for a much bigger comfortable home. Only you can do your calculate what the cost of moving into a more spacious home would be. If I were looking to move up, and my long-term employment seemed secure, I’d definitely be looking now!

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Local Information for Cincinnati, OH

Latitude: 39.13616 -- Longitude: -84.503088

Other Area Cities: Cherry Grove Forestville Glendale Groesbeck Kenwood Lincoln Heights North College Hill Northbrook Norwood Reading Springdale Mason Hamilton Oxford Cincinnati Blue Ash Bridgetown Cheviot Amberley Covedale Deer Park Finneytown Forest Park Madeira West Chester White Oak Woodlawn Wyoming Mariemont Sharonville Loveland

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Cincinnati is a city in southwestern Ohio, in the United States of America, that lies on the Ohio River. It is the county seat of Hamilton CountyGR6. As of 2005, Cincinnati's population was 308,728, making it the third largest city in Ohio and the 55th largest in the United States. It has a much larger metropolitan area, commonly called "Greater Cincinnati", which covers parts of Ohio, Kentucky, and Indiana. As of July 1, 2005, the U.S. Census Bureau esimates that the Cincinnati-Middletown-Wilmington Combined Statistical Area has a population of 2,113,011 (making it the 20th largest in the country) and is growing at a rate of about one percent annually. Greater Cincinnati is the 25th largest metropolitan area in America. It is home to major-league sports, including America's first professional baseball team, a National Football League team, and the historic Cincinnati Masters. -- Source: Wikipedia.com

Ohio 2000 Census Population Profile Map

	Cincinnati	Ohio	United States
Population	331,285	11,353,140	281,421,906
Median age	32.1	36.2	35.3
Median age for Male	30.7	34.9	34
Median age for Female	33.7	37.5	36.5
Households	148,095	4,445,773	105,480,101
Household population	317,849	11,054,019	273,643,273
Average household size	2.15	2.49	2.59
Families	72,496	2,993,023	71,787,347
Average family size	3.02	3.04	3.14
Housing units	166,012	4,783,051	115,904,641
Occupied units	148,095	4,445,773	105,480,101
Vacant units	17,917	337,278	10,424,540

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